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China Takes Next Step to Make Yuan Internatio​nal Currency

Posted by 10 Ex-CEA Chairs, Politico On March - 22 - 2012 ADD COMMENTS

~ by Michael Lombardi, MBA

Last week in PROFIT CONFIDENTIAL, I presented the  facts as to why China  would continue to be the largest gold bullion buyer in the world.

The basis of this  argument stemmed from China’s  desire to see its currency, the yuan (sometimes referred to as the renminbi),  be an international currency on par with the U.S. dollar and the euro.

Since China only had a fraction of the gold bullion  reserves that both the U.S.  and Europe had, it was only natural that China would be a huge buyer of gold  bullion in the marketplace if expanding the use of the yuan was its goal.

More proof has  presented itself that China  is taking the necessary steps, in a slow and methodical way, to get the yuan to  become an international currency.

At the end of this  month, China will sign an  agreement with India, South Africa, Brazil,  and Russia  to offer yuan-based loans in dealings with these countries, instead of  U.S.-dollar-based loans.

These countries  will agree that, for their international trade and cross-border lending, they  will use the yuan instead of the U.S. dollar. China’s stated goal is to have the  yuan go from 13% of all transactions between these countries to 50% of all  transactions by 2015.

China is not stopping there when it comes to the yuan. It recently signed  a loan agreement with Venezuela  for $30.0 billion—the loan was denominated in yuan instead of U.S. dollars.

There are two  immediate conclusions to this yuan news.

First, there can  be no doubt that China  will continue to be the largest buyer of gold bullion. Both the U.S. and Europe  have enough gold bullion with which to back their currencies. China has just 14% of the gold bullion that the U.S.  owns and just 11% of what the European Union owns in gold bullion.

The People’s Bank  of China has stated consistently that it views gold bullion as the only true  currency in the world—even against the yuan—which means that China is scouring  the world for gold bullion.

Secondly, it  means that the Chinese economy and the Chinese companies will continue to be  the future generators of growth going forward. One need only look to U.S.  international companies and see what an international currency has meant for  them in terms of expanding trade with countries worldwide and so providing  great returns for their shareholders back home in the U.S.

The stars are  aligned for Chinese companies to experience this same type of growth going  forward, as the yuan becomes used by more and more countries around the world.

You have to give  the Chinese credit. They don’t just talk about how they will make the yuan an  international currency; they back it up with action. This means that, in spite  of China not reporting how  much gold bullion it has, China’s  population and the People’s Bank of China will continue to be the largest  source of demand in the gold bullion market.

For investors  like you and me, softness in the price of gold bullion and quality gold stocks  should be seen as an opportunity.

(CBS News) 

Washington, D.C. is a town that runs on inside information – but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it’s time for the law to change.

 

 


 

 

The following is a script of “Insiders” which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.

 

The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they’ll need just to hold onto a job that pays $174,000 a year.

 

Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don’t always apply to them.

Questioning Pelosi: Steve Kroft heads to D.C.
When Nancy Pelosi, John Boehner, and other lawmakers wouldn’t answer Steve Kroft’s questions, he headed to Washington to get some answers about their stock trades.

Most former congressmen and senators manage to leave Washington – if they ever leave Washington – with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation.

 

Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.

 

Peter Schweizer is a fellow at the Hoover Institution, a conservative think tank at Stanford University. A year ago he began working on a book about soft corruption in Washington with a team of eight student researchers, who reviewed financial disclosure records. It became a jumping off point for our own story, and we have independently verified the material we’ve used.

 

Schweizer says he wanted to know why some congressmen and senators managed to accumulate significant wealth beyond their salaries, and proved particularly adept at buying and selling stocks.

 

Schweizer: There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it’s not illegal, but I think it’s highly unethical, I think it’s highly offensive, and wrong.

 

Steve Kroft: What do you mean honest graft?

 

Schweizer: For example insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply.

 

Kroft: So congressman get a pass on insider trading?

 

Schweizer: They do. The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is– is considering not reimbursing for a certain drug that’s market moving information. And if you can trade stock on– off of that information and do so legally, that’s a great profit making opportunity. And that sort of behavior goes on.

 

Kroft: Why does Congress get a pass on this?

 

Schweizer: It’s really the way the rules have been defined. And the people who make the rules are the political class in Washington. And they’ve conveniently written them in such a way that they don’t apply to themselves.

 

The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it. But, congressional lawmakers have no corporate responsibilities and have long been considered exempt from insider trading laws, even though they have daily access to non-public information and plenty of opportunities to trade on it.

 

Schweizer: We know that during the healthcare debate people were trading healthcare stocks. We know that during the financial crisis of 2008 they were getting out of the market before the rest of America really knew what was going on.

 

In mid September 2008 with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman.

 

Schweizer: These meetings were so sensitive– that they would actually confiscate cell phones and Blackberries going into those meetings. What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip.

 

While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts. 

Congressman Bachus declined to talk to us, so we went to his office and ran into his Press Secretary Tim Johnson.

http://www.cbsnews.com/8301-18560_162-57323527/congress-trading-stock-on-inside-information/

First, do no harm. That is a useful injunction for doctors, lawyers, and, it turns out, U.S. presidents.

But President Obama’s useless speech Monday about the basic soundness of the American economy managed to reinforce all the concerns Americans on the left and right have about his stewardship of the country.

The speech did at least temporary harm. As soon as he finished speaking, the already jittery financial markets plunged. 

Americans didn’t want to hear that we’re fine people or that Warren Buffett thinks that we should have an impeccable credit rating. 

They didn’t want him to repeat his basic talking points: the need to marshal the “political will” to extend the payroll tax cut and unemployment insurance benefits, or create an infrastructure bank. 

They didn’t want to hear his perfectly reasonable desire to solve the debt crisis over time by cutting spending after the economy recovers and by raising more revenue from what the president now calls “tax reform” rather than new taxes.

Americans wanted to hear what President Obama was planning to do to create jobs and stop our economy from slipping over an economic abyss into a double-dip recession. 

His calm, passionless, “voice of reason” message, without a single new proposal except his pledge to make specific proposals in the future and work with the Congressionally designated super-committee to address the deficit and debt crises – “leading from behind again” – actually panicked the markets. And no wonder. Americans were looking for a leader, and what we got was the professor again.

One must sympathize with the president. Last week was his worst week ever in the job. 

First, he turned 50, usually traumatic for most people, even politicians. 

Then he became the first president to have a downgrading of America’s credit worthiness on his watch – an action taken by Standard & Poor’s, a company that made a two trillion dollar mistake in its own budget calculations and which gave the highest credit rating to Lehman Brothers on the verge of bankruptcy and to the mortgage-backed securities that helped cause the 2008 financial crisis. How do you spell “chutzpah” on Wall Street?

Then he presided over the deadliest day in Afghanistan – the loss of 30 Americans soldiers, most of them Navy Seal commandos, some from the same unit that killed Usama Bin Laden. (He lauded their courage and sacrifice in the only convincing part of his today’s speech – at the end of that speech, which he introduced with the world’s most awkward transition: “One More Thing.”)

Then markets plunged.

The president has now managed to deepen the alienation of the right – which I believe unfairly accuses him of being a free-wheeling tax and spender whose profligacy is responsible for the nation’s slow growth and falling credit worthiness.

Now, the left of his party, too, is in full rebellion. On Sunday, Drew Westen, a professor of psychology at Emory, articulated the fury of liberal Democrats in a New York Times Sunday Review essay

He excoriated Obama for failing to provide a “counternarrative” to that of the right and for engaging in “the politics of appeasement” with the Tea Party. The public, he wrote, was desperate for a Roosevelt who would name names and assign blame – to his predecessors. (Hasn’t Obama done a lot of that?) Instead, it got more rhetoric. Instead of indicting his predecessors’ economic policies that had eliminated eight million jobs, “in the most damaging of the tic-like gestures of compromise that have become the hallmark of his presidency,” Westen wrote, “he backed away from his advisers who proposed a big stimulus, and then diluted it with tax cuts that had already been shown to be inert.” The predictable result was a “half-stimulus that half-stimulated the economy.”

How can one explain this lack of leadership? Westen offered several harsh theories. Perhaps Obama is, as conservatives have alleged, too inexperienced and hence, incompetent. Obama, he wrote, “had accomplished very little before he ran for president, having never run a business or a state.” He had a “singularly unremarkable career as a law professor, publishing nothing in 12 years at the University of Chicago other than an autobiography.” Finally, before joining the Senate, he had voted “present” rather than “yea” or “nay” 130 times, “sometimes dodging difficult issues.”

But wait. Westen has an even harsher explanation, namely that America is being “held hostage not just by an extremist Republican Party but also by a president who either does not know what he believes or is willing to take whatever position he thinks will lead to his re-election.”

Ouch. No wonder Mr. Obama looked so very shaken during a speech that was intended to boost the nation’s confidence.

Read more: http://www.foxnews.com/opinion/2011/08/08/in-debt-downgrade-aftermath-obama-serves-up-silly-speech/#ixzz1UYKIeXwz

While U.S. Treasury Secretary Timothy Geither may be a rusty cog in President Obama’s administrative machine, there are times when even these cogs are helpful in making sure that the mechanism is able to function at full capacity.

Geither’s advice to President Obama regarding future financial reform efforts is one such example. Even though the President’s previous financial reform efforts have met with resistance and skepticism from those in business community, the Treasury Secretary, in a Wall Street Journal editorial, encourages the president to keep moving forward, and to veto any legislation that would limit their financial reform efforts.

The editorial also notes the progress made by the Consumer Financial Protection Bureau as well as the Federal Deposit Insurance Corporation in easing the financial process for individuals. In particular, he praises the CFPB for its efforts to “simplify disclosure of mortgage and credit-card loans so that consumers can shop for the best terms and be protected from abusive and predatory practices.”

The words contained in this editorial should help in giving the President a morale boost in his continued financial reform efforts. This boost should prove invaluable as debt negotiations progress and the President continues to face challenges from Republicans who have no interest in financial reform…of any kind.

It’s a pretty sweet gig if you’re guaranteed $400,000 a year for hanging around and doing no work – and it’s a flaming outrage if you’re getting fat like that on the backs of the taxpayers.

Which is what some members of Locals 14 and 15 of the operating engineers are spectacularly doing on large construction sites across the city. Boiled down to the essence, a typical clause of their contracts reads:

Show up. Punch in. Walk around. Punch out. Collect 400Gs, plus a generous pension, plus an even more generous retirement annuity

The operating engineers have jurisdiction over the heavy machinery that moves material on big projects. The multibillion-dollar reconstruction at Ground Zero is their biggest job today – and their biggest ripoff.

The Port Authority will spend $100 million over the course of three years paying through the nose for these no-work sinecures and other featherbedded positions, according to an analysis by the Real Estate Board of New York.

The two locals have documented histories of domination by organized crime. They also have the muscle to bring a high-rise construction project to a halt because nothing goes on without running cranes and hoists.

Applying that power, the locals have not only wrung huge compensation packages out of contractors, they have also preserved job titles that are obsolete thanks to advances in crane design. The Daily News reports today, for example, that 56 of 204 Local 14 and Local 15 members at the Trade Center held no-work jobs.

Consider the so-called master mechanic. Theoretically, this person stands by to make crane repairs. Actually, the role dates to a time when cranes were less hydraulic and less computerized than they are today – and more prone to breakdowns.

Today, with little to do, a master mechanic serves at best as a union shop steward. Further diminishing his usefulness: The contractor who pays a master mechanic does not own the crane and is barred from making repairs on the machine. The crane owner takes care of breakdowns.

The job is fabulously rewarding and enormously costly.

Base pay is $135,000 a year for a 40-hour week. But that’s just the start, because Trade Center construction goes on at least 12 hours a day, six days a week. Overtime is mandatory as long as the master mechanic shows up. It totals $270,000 a year.

On top of that, the contractor pays a mind-boggling $175,000 annually in pension, annuity and health benefit costs for a master mechanic, plus $89,000 in workers’ compensation insurance, plus $34,000 in taxes. Total tab for that one idle master mechanic: $700,000 a year.

Then there are maintenance engineers – salary and benefits, $412,000 – who watch over machinery solely so they can report a breakdown so the owner can send someone to make repairs.

And then there are the oilers, who used to tend to mechanical cranes but now get more than $165,000 in salary and benefits for turning cranes on in the morning and off at night.

The abuses stand in marked contrast to the valued, honest labor that is the norm among New York City’s construction workforce – men and women who well earn their pay.

Where public works are concerned, the abuses are also a heavy burden on the taxpayers that must be curtailed.

New Dem money group to take on GOP

Posted by Adam On April - 29 - 2011 ADD COMMENTS
By: Jeanne Cummings
April 29, 2011 05:52 AM EDT
Democrats with ties to the Obama White House on Friday are launching a two-pronged fundraising effort aimed at countering deep-pocketed GOP groups in 2012 — and adopting some of the same policies on unlimited, secret donations that President Barack Obama himself has long opposed, the organizers tell POLITICO.

The two groups, Priorities USA and Priorities USA Action, aim to raise $100 million to defend Obama’s re-election from an expected onslaught of attack ads from similar Republican outside money organizations activated in the 2010 midterms, organizers say.

The Priorities companion committees will have one that discloses donors — and one that doesn’t, a practice Obama hammered during last year’s election cycle as undermining the democratic process.

The Priorities group also is jettisoning an Obama rule aimed at limiting the influence of special interests by welcoming unlimited contributions from lobbyists, labor unions, corporations, and political action committees – sources that are still banned from giving to the president’s re-election campaign, organizers said.

“While we agree that fundamental campaign finance reforms are needed, Karl Rove and the Koch brothers cannot live by one set of rules as our values and our candidates are overrun with their hundreds of millions of dollars,” said Bill Burton, a former White House spokesman and co-founder of the organization.

“We will follow the rules as the Supreme Court has laid them out, but the days of a double standard are over,” he added.

Some Democrats bristled at what they saw as a sort of unilateral disarmament by Obama in 2008, when the candidate made clear that he didn’t want outside money groups working on his behalf and set sharp limits on who could – and couldn’t – give to his campaign. Obama still managed to raise three-quarters of a billion dollars, smashing past fundraising records.

But Obama’s top strategist David Axelrod sent a powerful signal late last year that Obama had changed his view — telling POLITICO that the White House would welcome Democratic outside money efforts in 2012, to fend off what Axelrod predicted could be up to $500 million in spending by GOP groups such as Crossroads GPS.

Crossroads GPS, a group founded under the guidance of GOP strategists Rove and Ed Gillespie, accepts unlimited contributions from donors whose identities can be kept secret.

And in case there’s any doubt that Obama’s campaign welcomes the new Priorities effort, its leadership team includes Burton, a former deputy White House press secretary; Sean Sweeney, who was a senior adviser to former White House Chief of Staff Rahm Emanuel, and former Clinton political strategist Paul Begala. Geoff Garin, who was a senior adviser to Hillary Clinton’s 2008 campaign, is also among the group’s top strategists and will be its lead polling expert.

Among the group’s first supporters are Ellen Malcolm, the wealthy founder of the pro-abortion rights group Emily’s List; Harold Ickes, a former Clinton adviser; Jon Youngdahl, a Service Employees International Union political strategist.

They also include Jay Dunn, a long-time party fundraiser; Greg Speed, a long-time progressive advocate and media consultant, and Rob McKay, a major Democratic donor who is head of the McKay Family Foundation.

The influential SEIU, one of the nation’s largest labor unions, also is among the first donors to the joint effort.

Hollywood producer Jeffrey Katzenberg donated to the effort and has agreed to help raise money for the committees. Former Obama Florida fundraiser and Commerce Department official Teddy Johnston is also going to work to generate contributions.

 

Priorities USA will be registered under the tax code as a social welfare group, which means it does not have to disclose its donors, according to a memo outlining the effort. Crossroads GPS is registered under the same tax code.

Priorities USA will run independent issue ads advocating “economic policies that generate jobs here in America through innovation, education and investment in the infrastructure vital to our future success,” the memo states.

“It will oppose right-wing attempts to harm the American middle class in order to bestow special treatment on special interests,” it added.

Priorities USA Action will become a so-called Super PAC, an organization that will accept unlimited donations and disclose its contributors to the Federal Election Commission. It will run ads, send direct mail and do other work to support Democratic candidates or, more likely, attack Republicans.

“This is an effort to level the playing field,” said Sweeney. “Americans deserve an honest debate about job creation, the economy, national security and education. That debate will never happen if only right-wing extremists are engaged on the battlefield.” 

To According to Burton, the organizers debated abandoning the president’s rule against donations from lobbyists and political action committees and accepting secret donations.

They ultimately concluded that “the Supreme Court changed the rules and made this a completely different environment” and “we won’t be boxed in by a double standard.”

The court ruling he refers to is a January 2010 decision in Citizens United vs. the Federal Election Commission that cleared the way for corporations and labor unions to tap their treasuries and make unlimited donations to some political groups. They are still are banned from giving to party committees and candidates.

In response to that ruling, Rove and Gillespie helped form American Crossroads, which did disclose donors, and Crossroads GPS, which didn’t. During last year’s midterms, they raised a combined $70 million, of which the donors of about $43 million are still secret. The vast majority of that money was spent attacking Democratic candidates for the House and Senate.

Corporate players also stepped up their presence, most notably Charles and David Koch, owners of a giant energy firm, who contributed to candidates and committees alike.

The Kochs are hoping to generate about $88 million to influence the 2012 campaign, an attendee at a Koch summit told POLITICO. Crossroads has announced it hopes to raise $120 million to spend in the 2012 presidential campaign.

Burton said Priorities hopes to collect about $100 million. “We don’t think we’ll be able to match them dollar for dollar,” he said.

Creation of an outside group dedicated to the presidential campaign has been in the works for months and represents the final piece of a new infrastructure of progressive organizations that will take on Republican and business-backed groups at all levels.

In recent months, Democratic groups that had been hastily formed in the 11th hour of the 2010 campaign to try to protect some House and Senate candidates have been reorganized and merged to create two entities.

Majority PAC will focus on Senate races. Donors to it will be disclosed, but contributors to a companion arm – Patriot Majority – will be kept secret.

 

The committee is being headed by two former aides to Senate Majority Leader Harry Reid (D-Nev.), Rebecca Lambe and Susan McCue. The leadership also includes two former heads of the Democratic Senatorial Campaign Committee, J.B. Poersch and Jim Jordan. Craig Varoga, who heads Patriot Majority PAC, which ran ads on Reid’s behalf last year, and fundraiser Monica Dixon are also involved.

House Majority PAC, which is being run by Ali Lapp, a former campaign director at the Democratic Congressional Campaign Committee during Emanuel’s tenure, will assist vulnerable House members. The committee began airing its first ads last week, which criticize Republicans who voted for a conservative budget that overhauls Medicare.

Beyond the organizations focused on the presidential campaign, Senate and House races, other progressive groups are planning to play more active or new roles in 2012.

Emily’s List, which helps elect female Democrats who support abortion rights, will take on a niche role by providing independent ads to support the six women Senate incumbents up for re-election.

And American Bridge, a group founded by David Brock, who heads Media Matters, will have two subsidiaries: An organization financed with anonymous donors that will do opposition research on Republican candidates that will be shared with the other groups and an arm that will run independent ads and that will disclose its donors.

“I think progressives saw what the Republicans did and we not only want to replicate it but do it better,” said Chris Harris, spokesman for American Bridge.

As the Republican groups did in the last election, the Democratic organizations will share and coordinate their activity with each other to avoid duplication and maximize the impact of their resources.

None of these groups can legally strategize or communicate with official party committees and candidates.

However, Republicans easily overcame those barriers in 2010 by publicly announcing their ad buys and campaign messages so the independent operators could see where there were gaps and craft commercials that dovetailed with candidate themes.

The Democrats could have an advantage in coordinating their efforts because their network of groups is smaller, tightly knit and clearly focused – a byproduct of their study of the GOP effort.

American Crossroads last year tried to coordinate the efforts of a hodgepodge of conservative outlets, some new and some old. The coalition ranged from the U.S. Chamber of Commerce to the Susan B. Anthony List, an anti-abortion rights group.

Combined, the groups spent about $190 million, mostly on attack ads and mailings. The late-to-the-game Democratic groups spent about $94 million.

“We’re eager to meet Karl Rove and the Koch brothers in the public arena,” said Begala. “As long as they’re spending millions telling lies in their effort to destroy the middle class, we will answer them by telling the truth.”

Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.
Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.

Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.

Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.
Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.

Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS
Romania's finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Brazilian Finance Minister Guido Mantega ’s top economic adviser will take a two-week leave to help presidential candidate Dilma Rousseff campaign for the Oct. 31 runoff vote, a person familiar with the decision said.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Finance minister to meet unions

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister is to meet trade unions as civil servants around Romania Thursday continued their protest over government wage cuts in the public sector.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS
Romania's finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS
Romania's finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Romania Finance Ministry staff protest wage cuts

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister was temporarily trapped in his office when civil servants staged a rowdy demonstration inside the Finance Ministry on Wednesday that sparked a wave of protests across the country against government wage cuts.

Finance minister to meet unions

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister is to meet trade unions as civil servants around Romania Thursday continued their protest over government wage cuts in the public sector.

Finance minister to meet unions

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister is to meet trade unions as civil servants around Romania Thursday continued their protest over government wage cuts in the public sector.

Finance minister to meet unions

Posted by admin On October - 14 - 2010 ADD COMMENTS

Romania’s finance minister is to meet trade unions as civil servants around Romania Thursday continued their protest over government wage cuts in the public sector.

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